Berry Plastics Profit Climbs

Berry Plastics CEO Jon Rich says the deal "creates a global leader in plastics packaging and engineered specialty materials."

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Evansville-based Berry Plastics Group Inc. (NYSE: BERY) is reporting fiscal fourth quarter net income of $48 million, compared to $29 million during the same quarter a year earlier. For the full year, the global manufacturer’s profits were up to $86 million from $62 million 2014. Chief Executive Officer Jon Rich says an especially strong quarter from the company’s flexible packaging segment helped boost the results.

Net sales were off slightly for the quarter at just under $1.2 billion, compared to more than $1.3 billion in Q4 of 2014. For the full fiscal year, the company reports net sales of $4.88 billion, compared to $4.96 billion in fiscal 2014. Berry Plastics attributes the decrease to lower selling prices passed on to customers because of a dip in raw material costs.

Last month, the company announced it had completed the $2.4 billion acquisition of North Carolina-based AVINTIV, which has 23 locations in 14 countries and a more than 4,500-member work force. Rich says the deal "increases Berry’s presence in the faster growing health care and hygiene markets and positions us to better serve our global customers."